Tuesday, November 28, 2017
Rally on the USD/CAD
The
USD/CAD has been respecting the technical levels very well as shown on the
daily chart. First, the pair tries to break above the 200 day EMA (blue line),
but pulls back down to the 1.2674 level from where it bounce back up. On the
second visit to the 200 day EMA, the USD/CAD finds again resistance and goes
back down to the 1.2674 level, where we can find on the second occasion the 55
day EMA (purple line). During the last two trading sessions, the USD/CAD has
come again to the 200 day EMA and it is trying to stall there. In case the pair
breaks above the 1.2800 and the 200 day EMA, then the bullish momentum may
accelerate and the price may reach the 1.3000 level. To the downside, the
closest support is at the 1.2674 level, followed by the 1.2600.
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Looks like it will keep pushing higher.
ReplyDeleteVery informative article, thanks for sharing!
ReplyDeleteThank you for the analysis i'll keep an eye on the currency.
ReplyDeleteIt broke out above 1.2800.
ReplyDeleteThe pair is pushing higher and surpassed 1.12850.
ReplyDeleteImpressive drop on Friday.
ReplyDeleteThe pair turned flat after the drop.
ReplyDelete